Research Summary
The report discusses key developments in the digital asset space, including Coinbase’s upcoming launch of perpetual futures trading for non-US retail clients, the application of nearly 100 projects for Arbitrum grants, and the potential approval of Ethereum futures ETFs. It also highlights the performance of various digital assets and governance proposals.
Key Takeaways
Coinbase’s New Trading Platform
- Perpetual Futures Trading: Coinbase is set to launch perpetual futures trading for non-US retail clients following regulatory approval from the Bermuda Monetary Authority.
- International Expansion: The new trading platform will be available via the Coinbase International Exchange, indicating the company’s continued expansion into global markets.
Arbitrum Grants
- High Demand: Nearly 100 projects have applied for the Arbitrum Improvement Proposal (AIP) grants, which aim to distribute 50 million $ARB tokens to projects within the Arbitrum ecosystem.
- Top Applicants: The top three applicants include GMX, Gains Network, and Vertex protocol, requesting 14 million, 7 million, and 4.5 million $ARB tokens respectively.
- Usage Restrictions: The granted $ARB tokens cannot be sold or farmed by the projects, and will be held in a multisig managed by the grantee project and Arbitrum DAO.
Ethereum Futures ETF
- Extended Decision Deadline: The SEC has extended the decision deadline for ARK 21Shares and VanEck’s ETH futures ETFs to December 26th.
- Potential Expedited Approval: The potential shutdown of the US Government may have motivated the SEC to expedite the approval process for the ETF.
- Market Reaction: The market has reacted positively to the potential approval of an Ethereum ETF, with BTC increasing by 2.5% and ETH by 3.65%.
GMX Bounty
- Bug Bounty: GMX revealed that they gave a $1 million bug bounty to Collider’s Research arm last year after they discovered a bug that affected the price of the GLP token.
Trending Assets
- Top Performers: COMP, BAND, BICO, LDO, and ARB were among the top performers, with COMP gaining 21%.
- Underperformers: The report did not highlight any notable underperformers.
Actionable Insights
- Monitor the Ethereum Futures ETF: Keep an eye on the developments around the Ethereum futures ETFs as the SEC’s decision could significantly impact the market.
- Investigate the Potential of Arbitrum Grants: The high demand for Arbitrum grants indicates the potential growth of the Arbitrum ecosystem. It could be beneficial to explore the projects applying for these grants.
- Assess the Impact of Coinbase’s New Trading Platform: The launch of Coinbase’s perpetual futures trading could have implications for the digital asset market, particularly for non-US retail clients.
